USD/TRY may rise 250 - 368 pips

Our pivot point stands at 34.0705.

Our preference

The upside prevails as long as 34.0705 is support.

Alternative scenario

The downside breakout of 34.0705 would call for 34.0508 and 34.0390.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 34.2225 and 34.2253).

Supports and resistances

34.2894 **

34.2776 *

34.2658 **

34.2540

34.2290 last

34.0782

34.0705 **

34.0508 *

34.0390 **

Number of asterisks represents the strength of support and resistance levels.